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<br />AN ORDINANCE TO AUTHORIZE TltE ISSUANCE OF THREE MILLION DOLLARS OF BONDS TO
<br />BE KNOWN AS WATER 8eNDS, FOR THE PURPOSE OF ~,i&KING IMPROVE~NTS, EXTENSIONS
<br />AND ADDITIONS TO THE SYSTEM OF WATER WORKS OF THE CI%?~ PURSUANT TO SECTION
<br />127, CLAUSE B, OF THE CONSTITUTION OF VIRGINIA, 3a~ID CHAPTER 19.1 OF TITLE iS
<br />OF THE CODE OF VIRGINIA, 1950~ AND L~qDER AUTHORITY OF TIlE VOTE OF THE QUALIFIED
<br />¥OTERS OF TIlE CITY OF PORTSMOUTH AT AN ELECTION HELD ON ~tE SEVENTH DAY OF
<br />NOVEMBER¢ 1961, AND ~'gtKING PROVISION FOR THE FORM OF SAID BONDS AND FOR qf%qE
<br />PAYMENT THEREOF.
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<br /> WHEREAS, the City of Portsmouth is authorized to establish or enlarge
<br />water works, and under and by virtue of Chapter 19.1 of Title 15 of the Code of
<br />Virginia, 1950, the Council ef any city in this State ~hich is authorized to
<br />acquire, construct, reconstruct, in,prove, extend or enlarge any revenue producing
<br />undertaking, may, in accordance with Section One Hundred and T~enty-.seven, Clause
<br />B, of the Constitution of Virginia, issue so many bonds as may be necessary to
<br />acquire, construct~ reconstruct~ improve, extend or enlarge any revenue producing
<br />undertaking; and
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<br /> WIIERE;~, it is necessary and expedient to make certain improvements,
<br />extensions and additions to the system of water works of the City of Portsmouth
<br />· and to issue bonds of the City in the sum of Three Million Dollars for that
<br />purpose: and
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<br /> WHEREAS~ Section One Hundred and Twenty-seven, Clause B, of the
<br />Constitution of Virginia, requires the ordinance authorizing the issuance of
<br />such bonds to be approved by the affirmative vote of the majority of the qualified
<br />voters of the City voting upon the quosti6n of their issuance, at the general
<br />election next succeeding the enactment of the ordinance, or at a special election
<br />held for that purpose; and
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<br /> WHEREAS, by virtue of an ordinance adopted by the Council of the City
<br />of Portsmouth on the seventeenth day of October, 196i~ entitled, "An Ordinance
<br />to Authorize the Issuance of Five Million Six Hundred Thousand Dollars of Bonds
<br />to be Known as Water Bonds, for the Purpose of Making Improvements~ Extensions
<br />and Additions to the System of Water Works of the City, Pursuant to Section One
<br />Hundred and Twenty-seven, Clause ~, of the Constitution of VirKinia, and Chapter
<br />19.1 of Title 15 of the Code of Virginia~ t950", the Court of Hustings for the
<br />City of Portsmouth~ by an order entered on the eighteenth day of October~ 1961~
<br />directed that ~here be submitted to the qualified voters of the City of Portsmouth
<br />at an election to be held on the seventh day of November, I961, the question
<br />whether the bonds authorized by the said ordinance should be issued; and
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<br /> WHEREAS, by another order entered by the said Court on the twenty-seventh
<br />day of November~ 1961, it was entered of record as a result of said election that a
<br />majority of the votes were cast for the bond issue, and that the Council of the
<br />City of Portsmouth be fully authorized and empowered to prepare and issue and to
<br />sell or to negotiate said bonds upon the faith, credit and property of said
<br />municipality in the amount so authorized; and
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<br /> ~HEREAS, it is provided in said ordinance that the bonds may be issued
<br />at one time, or a part thereof from time to time~ as the City Council of the City
<br />shall direct, and the City Comncii deems it advisable to issue at this time Three
<br />Million Dollars of bonds, a part of the Five Million Six Hundred Thousand Dollars
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